Iconix Brand Group Inc (ICON) falls on record volumes on revised guidance

Iconix Brand Group Inc (NASDAQ: ICON) slashed its 2009 view, hurt by the transition to a new licensee for one of its brands and dilution from its June share offer, sending its shares tumbling 23 percent. Iconix (ICON), which owns and licenses several brands including Candie's, Joe Boxer and Rocawear, now expects full-year adjusted earnings of between $1.17 and $1.22 a share, down from an earlier forecast of $1.30 to $1.35 a share. ICON has fallen on 52 week record volumes on Wednesday till afternoon, thereby pointing towards further weakness in stock.